Vietnam’s exports surge in four months despite pandemic

Updated: 09:00’ - 04/05/2020

Vietnam’s export value saw a year-on-year increase of nearly 5 percent to an estimated USD 82.94 billion in the first four months of this year despite the COVID-19 pandemic, according to the General Statistics Office (GSO).

Cargo containers are loaded at My Thoi Port in the southern province of An Giang__Photo: VNA

Domestic companies generated USD 26.45 billion from exports during the period, rising 12 percent year-on-year and making up 32 percent of the country’s total export earnings. Meanwhile, exports of foreign-invested firms hit USD 56.49 billion, up 1.5 percent and making up 68 percent of the total.

Fifteen groups of products recorded an export value of over USD 1 billion or equivalent to 80 percent of the nation’s four-month total earnings. Of them, phones and parts earned the largest export turnover with USD 16.2 billion, up 1.1 percent year-on-year and accounting for 19.5 percent of the total exports. Electronics, computers and components came next with USD 12.4 billion, up 29 percent year-on-year, followed by textile and garments (USD 8.9 billion, down 6 percent); equipment and parts (USD 6.9 billion, up 30 percent); and footwear (USD 5.5 billion, up 1.3 percent).

From January to April, the US remained Vietnam’s biggest export market, spending USD 20.3 billion on Vietnamese goods, a yearly hike of 13.4 percent. It was followed by China with USD 13.1 billion, up 27 percent; the EU with USD 10.7 billion, down 8.1 percent and ASEAN nations with USD 8.2 billion, down 3.4 percent, the GSO said in a monthly report.
Per the report, the country’s imports expanded 2.1 percent year-on-year to an estimated USD 79.89 billion in the period. Domestic firms spent USD 33.6 billion on imports, up 1 percent year-on-year while foreign-invested companies saw a yearly turnover rise of 3 percent to USD 46.31 billion.

China was Vietnam’s largest supplier, selling USD 22.7 billion worth of goods to Vietnam, down 0.1 percent year-on-year. South Korea ranked second by shipping USD 15.5 billion worth of goods to Vietnam, up 3 percent year-on-year, followed by ASEAN countries with USD 9.9 billion, down 8 percent.
According to the GSO’s report, Vietnam’s trade surplus narrowed to USD 3 billion in January-April from the USD 3.74 billion recorded a month ago.- (VNS/VLLF)